Wells Fargo & Company Forecasts Strong Price Appreciation for First Interstate BancSystem (NASDAQ:FIBK) Stock

First Interstate BancSystem (NASDAQ:FIBK) had its price target lifted by Wells Fargo & Company from $28.00 to $30.00 in a report published on Tuesday,Benzinga reports. Wells Fargo & Company currently has an underweight rating on the financial services provider’s stock.

A number of other research analysts also recently commented on the company. Barclays downgraded First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $32.00 to $30.00 in a report on Thursday, October 31st. StockNews.com raised shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a report on Thursday, November 28th. DA Davidson raised shares of First Interstate BancSystem from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $32.00 to $42.00 in a research report on Tuesday, November 26th. Stephens reaffirmed an “overweight” rating and issued a $36.00 target price on shares of First Interstate BancSystem in a report on Thursday, October 10th. Finally, Piper Sandler lowered their price target on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a report on Monday, October 28th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $35.17.

First Interstate BancSystem Trading Down 0.6 %

NASDAQ:FIBK opened at $34.28 on Tuesday. First Interstate BancSystem has a 12-month low of $24.16 and a 12-month high of $36.77. The firm has a market cap of $3.58 billion, a PE ratio of 15.04 and a beta of 0.84. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71. The stock has a fifty day moving average price of $32.27 and a 200 day moving average price of $29.96.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.04). First Interstate BancSystem had a net margin of 15.94% and a return on equity of 7.48%. During the same period in the previous year, the firm posted $0.70 earnings per share. Sell-side analysts anticipate that First Interstate BancSystem will post 2.28 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 4th were paid a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, November 4th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.48%. First Interstate BancSystem’s dividend payout ratio (DPR) is 82.46%.

Insider Buying and Selling

In related news, major shareholder Julie A. Scott sold 20,220 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $32.78, for a total transaction of $662,811.60. Following the transaction, the insider now owns 635,069 shares of the company’s stock, valued at $20,817,561.82. This represents a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder James R. Scott, Jr. sold 6,067 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $34.50, for a total value of $209,311.50. Following the completion of the sale, the insider now directly owns 75,387 shares of the company’s stock, valued at approximately $2,600,851.50. This trade represents a 7.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 54,837 shares of company stock valued at $1,839,583 over the last ninety days. Corporate insiders own 6.90% of the company’s stock.

Hedge Funds Weigh In On First Interstate BancSystem

Large investors have recently made changes to their positions in the stock. Point72 DIFC Ltd purchased a new stake in First Interstate BancSystem during the third quarter worth $34,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of First Interstate BancSystem in the 3rd quarter worth about $69,000. CWM LLC grew its stake in First Interstate BancSystem by 16.0% in the 2nd quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock valued at $87,000 after acquiring an additional 430 shares during the last quarter. Innealta Capital LLC purchased a new position in First Interstate BancSystem during the 2nd quarter valued at about $106,000. Finally, nVerses Capital LLC lifted its holdings in shares of First Interstate BancSystem by 412.5% in the second quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider’s stock valued at $114,000 after purchasing an additional 3,300 shares in the last quarter. Hedge funds and other institutional investors own 88.71% of the company’s stock.

About First Interstate BancSystem

First Interstate BancSystem, Inc operates as the bank holding company for First Interstate Bank that provides range of banking products and services in the United States. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.